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<br /> -- - -- _ �t"'�. 06378
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<br /> ,_��I 1. p�y meat ut Prldripal,lntereat w�d Late CMar�e. Barower�hr+ll�.y wt��due the princlpal of.aad i�aures�oa,
<br /> the dRbt evidenced by�he Note wnd latc charges due under�he Noce.
<br /> ,� 2. MoMhly pwyveats d 7yuces,Ineuraoce a�d Olber Chw�e�. Eiorcower sh�ll include in each monthly paymenti
<br /> .,;� ' together wlih 1he princlpal and interest as set fo�th in thc Note w:ci any lat�e charge.r.en instaUment of any (a) twxes end c
<br /> apec�a!na�.ges.wnen�v levied a w bc levled a��nat tho Property,(b)le�e6oW paymeots or�ow�d reata on the PropertY.w�d
<br /> - -• iiss.,�,�..� (c)premlums for ins�uence reyuired by Paru�n�ph 4. �
<br /> ;�-" -, �;•`�:�.: , Fsch Rwnthly tnctellment for items (a). lb) and (c)ahalt nyual one-twelRh of th�:vnnual umounts. us reasonably
<br /> , � �.�� esdmatod by Lender, plus an amount sufficient to mainwin an additiaw! bolance af not more thwi c�ne-sucth of the —
<br /> �� emonth before annitem would become delinquent r Lender shall twW the anwunts col��aust�to pay ams(u�j lb)a�d
<br /> —�Me���. (c)before Ihey become delinquent.
<br /> ���' r� If at any time the tota!of the payments held by Lcnder for items(a),(b)and(c).together with the future monthly =
<br /> -_''�`�'�"'�"�''':� payments for such items payable to Lender prior to the due dates of such itemw,exceeds by more then one-sixth tl�e
<br /> `"' -- - - r•++�so- ° escimated amounc of paymen4c reyuired to psy such i[ems whcn due,ond if payments on the Note are current,then Lender �__
<br /> �:=�. •;,�'.
<br /> _ - - shall either refund�he exces4 over one-sixth of thc estimated payments or credit the exce�.s over one-xixth of the estimated
<br /> �,.•�3�6,�� payments to subsequent payments by Borrower,at the option of Borrower. If the taai oi the paymen4�wa�k by Barrowcr --
<br /> °-����� J' • for item(a).(b).or(c)is insuificient to pay the item when due,then Bortower shall pay to Lender any amow�t necesRarY a
<br /> � ,,* make up the deficiency on or before the date the item become�due.
<br /> ;a��� � As used in thia Security Instrument,"Secretary"means the Secretary of Housing and Urban Development or his or her
<br /> � '�1���.I, ,'�`�' designee. !n any year in which the Lender muxt pay a mortgage insurance premium to the SecreGuy.each monthly payment �-
<br /> - -- ' . shall also include either. (i) nn iactallment of the annual mortgage insurance premium to be paid by Lender to ttie
<br /> .�� - ".�}�, .�,_., Secretary,or(ii)a monthly charge instruJ of a mortgage insurunce premium if this Security ln4�rument�s held by ttie �
<br /> Secretary. Each monthly installment of the mortgage insurunce premium shall be in an amount sufficient to accumulate the
<br /> - ''� � ' full annuol mortgage inxurance premium with Lender one month prior to the date the full annual mortgage inxurance
<br />- ���. „ premium is due to the Secretary;or if this Security Instrument is held b�r the Secretary,each monlhly chau'ge shall be in ran
<br /> � ;,o�' Anwunt equal to one-twelfth of one-half percent of the outstsu►ding principal balance due un the[Vote.
<br /> ,j. .. � If Borrower tenders to Lender the full payment of all sums cecured by this Security Instrument,Barower's eccount �
<br /> _ _ ,.,� shall be credited with the balance remaining for all installments for iteros (u), (b1 and(c)und any mortgage insurance ,_
<br /> ,y�: � premium installment that Lender hac not become obligated to pay to the Secretary.anJ Lender shall prampdy refund any �"
<br /> , ,�.. excess funds to Barrower. Immediately prior to a foreclosure sale of the Property or ita ncyuisition by L.cnder,Bomowerh � •�
<br /> ,�: „ accouot shull be credited with any balsu►ce remaining for all installments for i�ems(u).(b)und(c).
<br /> 3. Application of Payments. All paymentc under Paragraphs I and 2 shall be upplied by Lender ati follows:
<br /> . ,. ° p�T,to the mortgage insurance premium to be paid by Lender to the Secretsuy ur to the monthly ch�uge by�he --
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<br /> '�r Secre mstead of the monthly murtguge insurance premium;
<br /> _. .�`.. ,.;�•:''".: �•to aity saKes.special ag.PCCmentc,lea�eiwld puyments or gruund ren�.,und tirc,flood w�d wher haz�nd
<br /> ' � . inswance premiums,usreyuired;
<br />` , �,to interest due under thc Notc;
<br /> FQURTH,tv umonization of the principal of the Note:
<br />. ' �,to lure chargex due under the Notc.
<br /> �t � �� •• 4. Fire�Flood and Uther Hazsud Insurance. B��rtuwcr xhall imure ull improvemcnts on�he Property,whe�her now
<br /> in existence or subseyuenUy erected,ugainst any hu�etrd.,cutiuultiex,s�nd cantingcncics.including fire, for which Lender __
<br /> •° requires insurunce. Thiv inqurance shall bc maintaincd in the amuunt.i+nd fur the�ri��.thut Lcnder reyuires. Borrower --_
<br /> � � shall also insure ull improvementx on thc Proprrly,whether now in cxi+tence ur rub�eyuently crected,against lotiti by floods
<br /> '" to the eatent reyuired by the Secrets+ry. All inwrance shall lx rauried with cumpanies uppnwed by Lender. Thr insurance __
<br /> • �',,: policies and any renewulx shull lx hrld by LcnJcr anJ .h�ll includc loxx p•ryuble cluuxe. in favor of, :ind in a form
<br /> � >•, ecceptable to,Lender. �
<br />: '° In the event of Ims, Borcowcr.hull give LenJer imntcdiute noticc by mail. 4rndrr wuy m;il�e proof of loss if rwt
<br /> „ „ made prompUy by Bc�rrower. Earh in.urunrr cumpany runrerned ix hercby authuri�cd;md directeJ to muke p:ayment far �� .
<br /> � . sueh loss direcdy tu L.endcr,inrtrad oF tu Borrowrr�utd lu Lendcr juinUy. AU ui uny pan of thc imur.uice praceeds muy be �
<br /> � applied by Lender,ut its option,cither lul w thc rcducti��n ut'the inJehtcJne..unJrr thc Note und thiti Secunry Inurum�nt, �,-.,
<br /> � first to any delin�u.nt umount. applicd in thc urder in Purugru�►h 3,and thrn tu prcp•ryment of principal,or 16) to ttir �
<br /> ' restoration or repav uf the J:unagcd pn�perty. Any upplicution uf the pr�k�tiY1�lu Ilx prmr�pal�hull nut extend or poslpune �T
<br /> a�, " �*. ' the due date af the monthly paymcnt.which un n(crrcd tc►in Paragruph?,ur chunFc thr umuunt of xurh paymeNx. Any �„.
<br /> a� excess inxurancc prcxeeds���•er un amount reyuircd tu pay •rll outst:u�d�n��n�kbtrdn�,x under the Notr anJ thi,Securiiy �• _
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<br /> Instrument shall be paiJ to the entity Iegully enudrJ thereto.
<br /> �• ^� � ln the event af foreclosurc ot'thi,Security In+lrument ar other tran�fcr i�f tide ta th� Property�hut exlin�ui.lx. 1he ��.
<br /> :'. indebtednes+.ull right,litle and intcre.t ut'Borruwer in:md to insurancr Fx�licic+in forcr,hall pas�tu�In purchu.�cr. �:_F
<br /> • �� 3. Occu anc. Preservatiun, MAinteo�nce and Prutectiun of the Pruprrty: Rurrower s I.oan Appllcatlon;
<br /> ��•�� � � ° Leaschulds. Borrowcr shull �kcupy,rstablish,und u�c thr Property a� Burrawcr:prinripal rc.idrnce within .izt�duys �_:�
<br /> �� after the execution of�his Securiry In.tniment unJ.hall cuntinur to ixrupy die F'ra�xrty as Hurrower:principal re.�drnce ..
<br /> ' for at least ane ycar•rfrer thr dutc ut'�KCUpancy,unlrs�Ihc S�wn�•rq•detemun��thi�rcyuircmrnt wiU rauu unJuc h:tnlship ,.�,;
<br /> ° �� fo� Barn�wcr, ur unless extenuuting circumstanc�+rxi�t which arc t+ryonJ Hurtowrr� contn�l. Born�wrr �hull nutify
<br /> Lenden af uny extenuuting rircum�tancr�. Bi�rruwer .hall nut ri,mmit wa.tr ur de.tru��,d;unage ur wbstuntially rh:uigr
<br /> the Propeny i�r allow Ihe F'mperty tu dr►eriurutr.rca,onable wcar anJ Iear exrcptr�. L.rndrr map inspect llh;Pr���xrty if Ihe i
<br /> Property is vucant ar�bandonrd or thr laan i,in defuult. Lender muy tal��•r�a�c►n•rblr actiun tu prut��t :md pre+crvc wch �
<br /> vuc;mt or ab:uxioncJ Praprrty. Born�w�r,hall uhu tx in J�fault if Burruwrr. duriug Ihr luan applirution prcxc,�.g:rvr E .
<br /> materially fulsc ur inurcuratr infi�mi:�tiun ur valemrm. tu Lrndrr lur t'ailyd iu pruviJe Len:ler with any matcri�l
<br /> infurmationl in r�mnectiun with 1hc lum�r�idenc�J M Ihr Nute, inrluding. hut nut limi�rd to. r�prr.entatiom c�x�remin�
<br /> Bormwrr��cupuncy of the F'n�prrty a+a princin:�l rcsidcnr.. If thi.tirruri�� In.trument i,on a Ira.ehuld. BorroWcr.hall
<br /> cumply with Ihe pruvis�uin uf thc lea+e. If Bunu��rr a�q►ure.t«titlr tu thr Pru}xm•.thr Iea.rhald and fer�i�le•hall not ;
<br /> bc mrrged unk tix Lcndcr agrcr�lu thc mcrgrr m�vriting.
<br /> . 6. Chpry;es to Burrower�nd Protectiun uP I.rndrr'.r•Rikht�in the Pruperl��. Hurru��cr.hull pa�•all guvcmmr�Hal
<br /> or municipal chargr..tinc.unJ im�xnitiun.that are nut inrludrd in 1'ar,��r.►rh'. Nurru��rr�hall puy thc,r i�l+liEation.un
<br /> time dirccdy tu thc entiry whirh i,owcd thr pa�mrnt. If f'ailurr tu pa� ��uul�l advrr..l� aftett Lender: mtcrc.t in thr
<br /> F'ropeny,up�m Lrnderl requo+t 8orcuwrr�hall pramptl��fumi.h tu Lcnder irccipt.c�•�drnrm�thc.r paymcnt�.
<br />. . IF{Z��fn1WN� Fwil. tn me�lr Ihr�r tx�v117C171� ur ihe 1/;1\'llll'lll� 1'l`UUICC� �►Y N:V�,L'C:1(1h �. tN (J1��l�� �xrti�m� un��utlkr
<br /> --- - covrnunts und ugn:cment.cuntainrJ i�i thi+tirrurit�•Imiruinen�.�,r thrrc i.a Ie�;al pnkeeJin�:th.11 111�\" �I�!Illlll':lIIUV�I1�Cl
<br /> Lender:rightx in the I'ro�xm• l�urh a.a prucerdin�, in h:ud.ruptr�•. fur rundemnauvn ur tu rnlarce I;t��.ur rr�ulaliu�rl.
<br /> .. . thcn Lendrr may du and pay whutcvcr i+necc�,ar�tu prutrrt�hr�;�luc��f�hr IRu�xri} und l..ndcr'�n�ht�in thr 1'ro{x rty.
<br /> including puynnnt of�axr�,hurard inwranrr:md�ahcr i�rm,menliun�d in ParaEruph 2.
<br /> ' � Any umounts Ji.bur.rJ bv Lrndrr undrr ihi.W.�ra�ruph ,hall txrumr:m addiU��nal deht ol Kurru�+cr and h.crurc�f
<br /> � ' by thix Security Instrument. 1'hr.r amuunt. .hall he.ir mtrrc�t front Ihr Ju�r uf dubunrnxot. at thr Nute r,ilr. an�i at Ihr
<br /> uption of Lrnder.�hull tx:immcdiately due anJ p:q•abie.
<br /> 7. Cundemn�liun. Thc puKecJ.ul'.u�. �W.u�.�r.l.�ir��or dam.►g«..lirc�t ur�on�.ryurntial.�n rrnnrc�ii•n w ith :m�
<br /> � cundcmnatiun��r�►thcr tukinE ol':my�pan uf thc N�u�ny,ur li�r runvevunrr in plarr uf cundrmnatirn.:uc hcr.hc a,�i��x�l
<br /> und�hall ix puid tu Lendcr�o�hr rxtrnt uf thc full amuw►t uF thc itxlr�+trJn��+thai r�mam.unpaid undrr ihr v�itc;uKl Ihi.
<br /> Security Ins�rumrnt. Lcndcr.h.dl a�►ly�urh pnxerd�ta the reducti�m uf thr indcMtc�nc�.undrr Ihr Nutr:md Ihi�5ecuntr
<br /> Instrumrnt. firxt to uny dclinyurnt amuunt, applicJ in thc onlcr pru�•idrd m Nrra�;raph ;. :md th�n tu pn�,a��ncnt ul
<br /> . � pnncipul. Any upplic•ruon uf thr pnxceJ. to the principal .hull not extenJ ur�x�.qxmr the Jur date ul the i�iunthl�
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